A beta version is typically one which is used for testing by a limited user group, before being opened for the general public.
The Bengaluru-based fintech startup, which is fully backed by Flipkart, is working with Utkarsh Small Finance Bank, IndusInd Bank and Axis Bank to offer various financial services.
The development was first reported by TechCrunch.
Through Super.Money, Flipkart is stepping into the fintech domain, almost two years after hiving off PhonePe, its first fintech business.
Super.Money is already live on the Unified Payments Interface, an instant digital payments platform, in partnership with Axis Bank. According to data from National Payments Corporation of India (NPCI), which operates UPI, Super.Money processed 4.4 million transactions in May, settling Rs 251 crore in value.
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In January, ET had first written that Flipkart was readying credit products to be launched through Super.Money. In May 2023, ET had first reported about Flipkart retaining Prakash Sikaria to lead Super.Money and build the platform in house from scratch. The Walmart-backed ecommerce behemoth committed around $20 million to the venture last year.In its listing on the app store, Super.Money said it will be working on credit on UPI through Utkarsh Small Finance Bank. It will also offer pre-approved credit offers through its lending partners and allow customers to open fixed deposit accounts with banks. Eventually, the company will launch secured credit cards too.
With Flipkart entering into payments and credit, the sector is expected to see some new innovation and product launches. Industry insiders told ET that with Flipkart, NPCI also wants a strong third or fourth player to disrupt the domination of a couple of players on UPI.
Content Source: economictimes.indiatimes.com